Energizer buys Rayovac batteries for $2B
Wisconsin-based Spectrum Brands has sold its Rayovac battery division to competitor Energizer for $2 billion.
Spectrum Brands, headquartered in Middleton, says the cash sale of the global battery and lighting unit has been completed. The two companies did not provide information on what will happen to about 700 jobs affected by the sale in Wisconsin.
The State Journal says about 200 battery division employees work in Middleton. A hearing aid battery plant in Portage employs 210 and an alkaline battery factory in Fennimore has 280 employees.
Spectrum Brands says it will use proceeds from the sale to Energizer to pay part of its $4.8 billion debt.